The Utah Legislature has released the details breaking down the final budget recommendations for the 2025 fiscal year. The budget exceeds $30.8 billion and contributes to many Utah programs.
According to the Utah Legislature’s budget summary, the state seeks to lower the income tax rate from 4.55% to 4.5%, saving the average Utah family around $45 per year. Child tax credit is also expanding, with an additional $4.1 million going to its funding. Improved social security benefits are being put in place, making them tax-free for people who make less than $90,000 a year. This is due to a $24.1 million expansion in tax credit.
In regards to public education, the state is increasing per-student funding by 4%. This raises the amount from $4,494 to $4,674 per student in 2026. Another $47.4 million will go towards boosting teachers’ salaries, while $45.2 million will be divided up for support staff bonuses. A further $471.6 million is being used for school improvement projects.
In higher education, colleges and universities will receive $20 million in performance-based ongoing funding. Technical colleges will receive $9.7 million to support growth and acquire new equipment. The budget shows that $113.5 million is spent on building new higher education facilities.
An allocated $20 million is set aside to assist first-time homebuyers. Another $2 million is placed in a shared equity loan program to help residents purchase homes. $1.9 million will go towards funding a homeless shelter targeted at families. This portion of the budget will provide private rooms instead of dorm-style housing for the homeless. A further $5.5 million will go towards emergency shelters for extreme winter and summer conditions.
To stay up to date with how these changes in funding affect Utah, check out SUU News.
Author: Tallon Taylor
Photo courtesy of Spenser Heaps
Editor: Anna Mower
news@suunews.net